Google's Schmidt Resigns from Apple's Board

Google chief executive Eric Schmidt is resigning from Apple's board of directors, Apple said, citing increased competition between the two leading technology companies.

"Unfortunately, as Google enters more of Apple's core businesses, with Android and now Chrome OS (software for mobile phones and computers, respectively), Eric's effectiveness as an Apple Board member will be significantly diminished, since he will have to recuse himself from even larger portions of our meetings due to potential conflicts of interest," Jobs said in a statement on Monday.

Both Apple's and Google's shares moved higher in premarket trading after the announcement.